TiVo exits set-top boxes business

TiVo is exiting the manufacturing, sales and distribution of set-top boxes to a yet-undisclosed third party, as per Indiantelevision report.

According to the report CEO Enrique Rodriguez talking to the analysts on its Q1 earnings calls, said that consumers will continue to see TiVo-branded boxes in retail sector, and specifically mentioned outlets such as BestBuy and Amazon.

Q1 revenue was $189.9 million with core revenue up $9.7 million (5.9 percent). Product revenue was $116.9 million, up 2 percent year-on-year.

Rivo corp acquired TiVo in 2016 and Rodriguez said that synergies had already topped $100 million of its $100 million targeted savings from the combination. 

Rodriguez told analysts that its traditional market consists of consumer electronics or CE manufacturers or Pay TV service providers. He added that TiVo had extended its patent agreement with Google in Q1 to include YouTube TV. Additionally, KDDI reviewed their service agreement with TiVo in Japan. 

(Source: IndianTelevision.com)